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Full indicator list and descriptions

The data in this Report represent the best available estimates from various national authorities, international agencies, and private sources at the time the Report was prepared. It is possible that some data would have been revised or updated by the sources after publication of this Report.

“N/a” denotes that a value is not available or that the available data are unreasonably outdated or not from a reliable source.

Dashboard of National Key Performance Indicators

I) Growth and Development

0.01 GDP per capita | 2015

Gross domestic product per capita in constant 2010 dollars (2015) is used for value. The trend is the annual percentage growth rate of GDP per capita. Aggregates are based on constant 2005 US dollars. GDP per capita is gross domestic product divided by mid-year population. GDP at purchaser’s price is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. The five-year average is based on the authors’ calculations between 2011 and 2015 or most recent year.

Sources: World Development Indicators, World Bank.

0.02 Labor Productivity | 2014

This refers to the output per unit of labor input. GDP per person employed is GDP divided by total employment in the economy. Purchasing power parity (PPP) GDP is GDP converted to 1990 constant international dollars using PPP rates. The five-year trend is based on the average annual percentage growth rate of labor productivity, per person employed, percentage change between 2010 and 2014.

Source: World Development Indicators, World Bank.

0.03 Healthy Life Expectancy | 2015

Average number of years that a person can expect to live in “full health” by taking into account years lived in less than full health due to disease and/or injury. The five-year trend is based on the change in the number of years of life expectancy between 2010 and 2015.

Source: The Global Burden of Disease Database, Institute for Health Metrics and Evaluation.

0.04 Employment | 2014

Employment-to-population ratio is the proportion of a country’s population that is employed. Ages 15 and older are generally considered the working-age population. The five-year trend is based on the absolute difference in the employment rates in 2010 and 2014.

Sources: World Development Indicators, World Bank; Key Indicators of the Labour Market database, International Labour Organization (ILO).

II) Inclusion

0.05 Net-Income Gini | 2014 or most recent

This indicator measures the extent to which the net distribution of income (that is, post-tax, post-transfers), among individuals or households within an economy deviates from a perfectly equal distribution. A Gini index of 0 represents perfect equality, while an index of 100 implies perfect inequality. The five-year trend is based on the absolute difference in net-income Gini over the last five most recent years available.

For advanced economies, relative income poverty is defined as less than half of the respective median national income (after taxes and transfers, and adjusted for size of household). For low- and middle-income countries, it is defined as the percentage of the population living on less than $3.10 a day at 2011 international prices. The five-year trend is based on the absolute difference in the poverty rates between 2010 and 2014 or the most recent year.

Sources: Organisation for Economic Co-operation and Development (OECD); World Development Indicators Online, World Bank.

0.07 Wealth Gini | 2016

This indicator measures the differences in the distribution of wealth – higher Gini coefficients signify greater inequality in wealth distribution, with 1 signaling complete inequality and 0, complete equality. The five-year trend is based on the absolute difference in wealth Gini between 2012 and 2016.

Source: Credit Suisse Global Wealth Databook 2016.

0.08 Median Income | 2012 or most recent

This is the median of daily per capita income/consumption expenditure in 2011 USD PPP. The data are drawn from nationally-representative household surveys, which are conducted by national statistical offices or by private agencies under the supervision of government or international agencies and obtained from government statistical offices and World Bank Group country departments. The per capita income/consumption used in PovcalNet is household income/consumption expenditure divided by the household size. The author has converted the data from monthly to daily median income. The trend, median income growth, is based on the absolute difference in median income between 2008 and 2012 or the most recent year and represents the total growth over the period, which in the majority of cases covered a 5 year span (+ or – 1 year). In a few cases, historical data is lacking and the trend is displayed as “n/a”.

Source: PovcalNet, World Bank

III) Intergenerational Equity & Sustainability

Natural Capital Accounts measure the total stocks and utilization of natural resources in a given ecosystem, clarifying the real difference between production and consumption by capturing depreciation of fixed capital, depletion of natural resources, and damage from pollution. It is expressed as a percentage of Gross National Income (GNI). Adjusted net savings are equal to net national savings plus expenditure on education and minus depletion of energy, minerals, and forests, and damage by particulate emissions. Carbon damage has been excluded from the calculation. By accounting for fixed and natural capital depletion, adjusted net national income better measures the income available for consumption and for investment to increase a country’s future consumption. The trend is based on the absolute difference in Adjusted Net Savings (minus carbon damage) between 2010 and 2014 or most recent year.

Source: World Development Indicators Online, World Bank.

0.10 Carbon Intensity of GDP | 2014 or most recent

Carbon intensity is a measure of how much carbon economies emit for every dollar of GDP they produce. It is expressed in Kilotonnes of CO2/$billion (in 2005 US$). International data for carbon dioxide emissions from the consumption of energy includes emissions due to the consumption of petroleum, natural gas, and coal, and also from natural gas flaring. The five-year trend is based on the change in the carbon intensity of GDP between 2010 and 2014 or most recent year.

Sources: US Energy Information Administration (EIA) Historical Statistics for 1980-2013; World Development Indicators, World Bank; The Shift Project Data Portal.

0.11 Public Debt (as a share of GDP) | 2015

Gross debt consists of all liabilities that require payment of interest and/or principal by the debtor to the creditor at a date or several dates in the future. This includes debt liabilities in the form of special drawing rights, currency and deposits, debt securities, loans, insurance, pensions, standardized guarantee schemes, and other accounts payable. Thus, all liabilities in the Government Finance Statistics Manual (GFSM) 2001 system are debt, except for equity and investment fund shares, financial derivatives, and employee stock options. For Australia, Belgium, Canada, Iceland, New Zealand, and Sweden, government debt coverage also includes insurance technical reserves, following the GFSM 2001 definition. The trend is based on the absolute difference in public debt as a share of GDP between 2011 and 2015 or most recent.

Age dependency ratio is the ratio of dependents – people younger than 15 or older than 64 – to the working-age population – those aged 15-64. Data are shown as the proportion of dependents per 100 working-age people. The five-year trend is the absolute difference in the dependency ratios for 2010 and 2014.

Sources: World Development Indicators, World Bank.

Framework of Policy and Institutional Indicators

1st Pillar: Education and Skills Development

a) Access

1.01 Mean Years of Schooling | 2013

This refers to the average number of years of education received by people aged five-years and older, converted from education attainment levels using official durations of each level.

Source: Human Development Index, UNDP.

1.02 Gross Preprimary Enrollment | 2015 or most recent

This denotes the total enrollment in preprimary education, regardless of age, expressed as a percentage of the total population in the official preprimary education age-bracket. Gross enrollment rate (GER) can exceed 100% due to the inclusion of overage and underage students because of early or late school entrance and grade repetition.

This indicates the total enrollment in primary education, regardless of age, expressed as a percentage of the population officially in the primary education age-bracket.

Source: Data Centre, Institute for Statistics, UNESCO.

1.04 Gross Secondary Enrollment | 2015 or most recent

The reported value refers to the ratio of total secondary enrollment, regardless of age, to the population in the age group that officially corresponds to the secondary education level. Secondary education (International Standard Classification of Education levels 2 and 3) completes the provision of basic education that begins at the primary level, and aims to lay the foundation for lifelong learning and human development by offering more subjects or skills-oriented instruction using specialized teachers.

Sources: Data Centre, Institute for Statistics, UNESCO.

1.05 Gross Tertiary Enrollment | 2015 or most recent

This is the ratio of total tertiary enrollment, regardless of age, to the population of the age group that officially corresponds to the tertiary education level. Tertiary education (ISCED levels 5 and 6), whether or not leading to an advanced research qualification, normally requires the successful completion of education at the secondary level as a minimum condition for admission.

Sources: Data Centre, Institute for Statistics, UNESCO.

1.06 Vocational Enrollment (upper-secondary, %) | 2015 or most recent

This refers to the total number of students enrolled in vocational programs at upper-secondary level, expressed as a percentage of the total number of students enrolled in all programs (vocational and general) at that level.

Vocational education is education that is designed for learners to acquire the knowledge, skills, and competencies specific to a particular occupation, trade, or class of occupations or trades. Vocational education may have work-based components. Successful completion of such programs leads to labor market-relevant vocational qualifications acknowledged as occupationally-oriented by the relevant national authorities and/or the labor market.

The availability of high-quality, professional training services in a given country is measured on a scale of 1-7 (1 = not available at all; 7 = widely available).

Source: Executive Opinion Survey, World Economic Forum.

1.08 Gender Gap in Education | 2015 or most recent

The World Economic Forum’s Global Gender Gap in Education sub-index is based on the following indicators:

Ratio of female literacy rate to male literacy rate

Ratio of female net primary enrollment rate to male value

Ratio of female net secondary enrollment rate to male value

Ratio of female gross tertiary enrollment ratio to male value

Source: Education indicators, database 2015 or latest data available, Institute for Statistics, UNESCO; UNDP Human Development Report 2009, most recent year available between 1997 and 2007.

b) Quality

1.09 Quality of Education System | 2015-2016 weighted average

How well the education system in a country meets the needs of a competitive economy is measured on a scale of 1-7 (1 = not well at all; 7 = extremely well).

Source: Executive Opinion Survey, World Economic Forum.

1.10 Internet Access in Schools | 2015-2016 weighted average

The extent to which the Internet is used in schools for learning purposes is assessed on a scale of 1 to 7 (1 = not at all; 7 = to a great extent).

Source: Executive Opinion Survey, World Economic Forum.

1.11 Public Expenditure on Education (% of GDP) | 2014 or most recent

The total general (local, regional, and central) government expenditure on education (current, capital, and transfers) is expressed as a percentage of GDP. It includes expenditure funded by transfers from international sources to government.

Source: Data Centre, Institute for Statistics, UNESCO.

1.12 Pupils-to-Teacher Ratio, Primary | 2014 or most recent

The pupil-teacher ratio is the number of pupils enrolled in primary school divided by the number of primary school teachers.

Source: Data Centre, Institute for Statistics, UNESCO.

1.13 PISA Reading Score | 2015

The OECD’s Programme for International Student Assessment (PISA) is an average standardized test of the performance of 15-year-old students that aims to measure their capacity to understand, use, and reflect on written texts in order to achieve their goals and potential, develop knowledge, and participate in society.It is available for 65 economies.

Source: OECD.

1.14 PISA Mathematics Score | 2015

This average standardized test assesses the performance of 15-year-old students to capture their capacity to identify, understand, and engage in mathematics, and make well-founded judgments about the role that mathematics plays in the lives of constructive and engaged citizens. It is available for 65 economies.

Source: OECD.

1.15 Basics in Reading Comprehension | 2013 or most recent

Various tests are used to measure the percentage of children who have achieved a minimum internationally-recognized learning standard in reading – the Progress in International Reading Literacy Study (PIRLS), Southern and Eastern Africa Consortium for Monitoring Educational Quality (SACMEQ), and Programme for the Analysis of Education Systems (PASEC).

Various international assessments – Trends in International Mathematics and Science Study (TIMSS), SACMEQ, and PASEC – measure the percentage of children who have achieved an internationally-recognized minimum learning standard in mathematics.

c) Equity

This is measured as the percentage of resilient individuals among disadvantaged students. A student is classified as resilient if he or she is in the bottom quarter of the PISA index of economic, social, and cultural status (ESCS) in the country/economy of assessment and performs in the top quarter of students from all countries/economies after accounting for socioeconomic status.

Source: OECD.

1.20 Social Inclusion (percentage of variation in socioeconomic status between schools) | 2015

This is measured as the percentage of variation in socioeconomic status between schools. The index of social inclusion is calculated as 100*(1-rho), where rho stands for the intra-class correlation of socioeconomic status, i.e. the between-school variation in the PISA index of social, economic, and cultural status of students, divided by the sum of the between-school variation in students’ socioeconomic status and the within-school variation in students’ socioeconomic status.

Source: OECD.

1.21 PISA Reading Score (by quartile) | 2015

This is a measure of the PISA reading scores attained, expressed as a ratio of the bottom to the top quarter. A value of 0 reflects perfect inequality and a value of 1 reflects perfect equality.

Source: OECD.

1.22 PISA Mathematics Score (by quartile) | 2015

This is a measure of the PISA mathematics scores attained, expressed as a ratio of the bottom to the top quarter. A value of 0 reflects perfect inequality and a value of 1 reflects perfect equality.

Source: OECD.

1.23 Mean Years of Schooling (by quintile) | 2014 or most recent

This is a measure of the average number of years of schooling attained by the 20-24 years age-group, expressed as the ratio Q1/Q5 to capture the difference in attainment between the bottom and top quintile (Q1 and Q5, respectively). A value of 0 reflects perfect inequality and a value of 1 reflects perfect equality.

This refers to the proportion of children aged 3-7 years above primary school graduation age and young people aged 15-24 years who have completed primary school. Expressed as a ratio, Q1/Q5, it captures the difference in primary education completion between the bottom (quintile 1) and the top (quintile 5). A value of 0 reflects perfect inequality and a value of 1 reflects perfect equality.

This measures the proportion of (i) young people aged 3-5 years above lower-secondary school graduation age, and (ii) young people aged 15-24 years, who have completed lower secondary school. Expressed as a ratio, Q1/Q5, it captures the difference in secondary education completion between the bottom (quintile 1) and the top (quintile 5). A value of 0 reflects perfect inequality and a value of 1 reflects perfect equality.

This is a measure of the proportion of (i) young people aged 3-5 years above upper secondary school graduation age, and (ii) people aged 20-29 years, who have completed upper secondary school. It is expressed as a ratio, Q1/Q5, to capture the difference in secondary education completion between the bottom quintile (Q1) and the top quintile (Q5). A value of 0 reflects perfect inequality and a value of 1 reflects perfect equality.

Various assessments such as PISA, PIRLS, SACMEQ, and PASEC are used to calculate the proportion of children who have achieved a minimum internationally-recognized standard of reading ability. The ratio Q1/Q5 captures the difference in learning outcomes between the bottom (quintile 1) and the top (quintile 5) students. A value of 0 reflects perfect inequality and a value of 1 reflects perfect equality.

Assessments such as PISA, TIMSS, PASEC, and SCAMEQ yield the proportion of children who have achieved an internationally-recognized minimum standard of learning in mathematics. The ratio Q1/Q5 captures the difference in learning outcomes between the bottom (quintile 1) and the top (quintile 5). A value of 0 reflects perfect inequality and a value of 1 reflects perfect equality.

2nd Pillar: Basic Services and Infrastructure

a) Basic and Digital Infrastructure

2.01 Quality of Overall Infrastructure | 2015-16 weighted average

Survey participants rate the general state of infrastructure e.g. transport, communications, and energy) in their countries on a scale of 1-7 (1 = extremely underdeveloped – among the worst in the world; 7 = extensive and efficient – among the best in the world).

Source: Executive Opinion Survey, World Economic Forum.

2.02 Efficiency of Ground Transport | 2015-16 weighted average

Participants rated on a scale of 1 to 7 the efficiency (i.e. frequency, punctuality, speed, price) of ground transportation in their respective countries (buses, subways, taxis) (1 = extremely inefficient – among the worst in the world; 7 = extremely efficient – among the best in the world).

Source: Executive Opinion Survey, World Economic Forum.

2.03 Access to Electricity | 2012

This is an indicator of the percentage of a country’s population with access to electricity.

This is an estimate of the total infrastructure investment and maintenance spending (on rail, road, seaways, and airports) as a percentage of GDP.

Source: OECD.

2.05 Slum Population (Urban) | 2014

To calculate the proportion of urban population living in slums, a slum household is defined as a group of individuals living under the same roof lacking one or more of the following conditions: access to improved water, access to improved sanitation, sufficient living area, durability of housing, and security of tenure.

Source: United Nations Human Settlements Programme (UN-Habitat).

2.06 Dwellings without Basic Facilities | 2012

This indicator refers to the percentage of the population living in a dwelling without an indoor flushing toilet for the sole use of that household. Flushing toilets outside the dwelling are not considered, but flushing toilets in a room where there is also a shower unit or a bath are counted.

Sources: European Union Statistics on Income and Living Conditions (EU-SILC); OECD.

2.07 Internet Users | 2014

This refers to the percentage of individuals using the Internet. “Internet users” refers to the proportion of individuals who used the Internet in the previous 12 months. Data are based on surveys generally carried out by national statistical offices or estimated based on the number of Internet subscriptions.

This refers to the total fixed (wired) broadband internet subscriptions – that is, subscriptions to high-speed Internet, a Transmission Control Protocol/Internet Protocol(TCP/IP) connection – at downstream speeds equal to or greater than 256 kilobits per second (kbps) per 100 people. This indicator relates to the penetration and quality of the Internet and receives 1/2 weighting.

The World Economic Forum Global Information Technology Report 2016 constructs this measure by first taking the average per-minute cost of a local call to another mobile cellular phone on the same network (on-Net) and on another network (off-Net). This amount is then averaged with the per-minute cost of a local call to a fixed telephone line. All the tariffs are for calls placed during peak hours and based on a basic, representative mobile cellular pre-paid subscription service.

In order to account for differences in costs of living, the dollar amounts are converted into international dollars by applying the purchasing power parity (PPP) conversion factor sourced from the World Bank’s World Development Indicators (retrieved January 4, 2016).

Any dedicated connection to the Internet at downstream speeds equal to, or greater than, 256 kilobits per second is considered fixed (wired) broadband. In order to account for differences in costs of living, the World Economic Forum “Global Information Technology Report 2016” converts the dollar amounts into international dollars by applying the purchasing-power parity (PPP) conversion factor from the World Bank’s World Development Indicators.

Survey respondents rate the quality of healthcare – public and private – provided to ordinary citizens in their country on a scale of 1 to 7 (1 = extremely poor – among the worst in the world; 7 = excellent – among the best in the world).

Source: Executive Opinion Survey, World Economic Forum.

2.13 Accessibility of Healthcare Services | 2015-16 weighted average

Survey participants rate the accessibility of healthcare in their country on a scale of 1 to 7 (1 = limited – only the privileged have access; 7 = universal – all citizens have access to healthcare).

Source: Executive Opinion Survey, World Economic Forum.

2.14 Particulate Matter (2.5) Concentration | 2014

This refers to the annual mean concentration of particulate matter of less than 2.5 microns in diameter (PM2.5).

Although invisible to the naked human eye as individual particles, elevated levels of PM2.5 can reduce visibility, cause the air to appear hazy, and adversely affect human health.

This is a measure of household direct payments to public and private providers of healthcare services and non-reimbursable cost-sharing, such as deductibles, co-payments, and fees for services, expressed as a percentage of total health expenditure.

Source: Global Health Expenditure Database, WHO.

2.16 Undernourishment | 2015

The population below a minimum level of dietary energy consumption is measured as a percentage of the population whose food intake is insufficient to meet dietary energy requirements continuously. “2.5” signifies prevalence of undernourishment below 2.5% of the population.

Source: The State of Food Insecurity in the World, FAO, http://www.fao.org/3/a-i4646e.pdf.

2.17 Inequality-adjusted Life Expectancy | 2013

The UNDP’s Inequality-adjusted Life Expectancy Index is the HDI life expectancy index adjusted for inequality in distribution of expected length of life.

Source: Human Development Index, UNDP.

2.18 Access to Improved Drinking Water | 2015

This refers to the percentage of the population that uses an improved drinking-water source. WHO/UNICEF define an “improved drinking-water source” as one that, by nature of its construction or through active intervention, is protected from outside contamination, in particular from contamination with fecal matter. This includes piped water on premises (piped household water connection located inside the user’s dwelling, plot, or yard), and other improved drinking water sources (public taps or standpipes, tube wells or boreholes, protected dug wells, protected springs, and rainwater collection).

The share of the population with at least adequate access to excreta-disposal facilities that can effectively prevent human, animal, and insect contact with excreta depends on access to improved facilities ranging from simple but protected pit latrines to flush toilets with a sewerage connection. To be effective, facilities must be correctly constructed and properly maintained. They include flush/pour flush (piped sewer system, septic tank, or pit latrine), ventilated improved pit (VIP) latrine, pit latrine with slab, and composting toilet.

The stringency of each country’s environmental regulations is assessed on a scale of 1 to 7 (1 = very lax – among the worst in the world; 7 = among the world’s most stringent).

Source: Executive Opinion Survey, World Economic Forum.

2.22 Indoor Air Pollution | 2013

This measure refers to the percentage of the population using solid fuels as their primary cooking fuel.

Source: Environmental Performance Index, Yale.

2.23 Reliability of Police Services | 2015-16 weighted average

The extent to which police services in each country can be relied upon to enforce law and order is assessed on a scale of 1 to 7 (1 = not at all; 7 = to a great extent).

Source: Executive Opinion Survey, World Economic Forum.

3rd Pillar: Corruption and Concentration of Rents

a) Business and Political Ethics

3.01 Judicial Independence | 2015-16 weighted average

The level of independence of the judicial system from influences of the government, individuals, or companies is rated on a scale of 1 to 7 (1 = not independent at all; 7 = entirely independent).

Source: Executive Opinion Survey, World Economic Forum.

3.02 Diversion of Public Funds | 2015-16 weighted average

Respondents opine on how common the illegal diversion of public funds to companies, individuals, or groups is on a scale of 1-7 (1 = occurs very commonly; 7 = never occurs).

Source: Executive Opinion Survey, World Economic Forum.

3.03 Irregular Payments in Tax Collection | 2015-16 weighted average

Respondents rate how common it is for companies to make undocumented extra payments or bribes in connection with tax payments on a scale of 1 to 7 (1 = occurs very commonly; 7 = never occurs).

Source: Executive Opinion Survey, World Economic Forum.

3.04 Ethical Behavior of Firms | 2015-16 weighted average Respondents rate the corporate ethics of companies (ethical behavior in interactions with public officials, politicians, and other firms) on a scale of 1 to 7 (1 = extremely poor – among the worst in the world; 7 = excellent – among the best in the world).

Source: Executive Opinion Survey, World Economic Forum.

3.05 Public Trust in Politicians | 2015-16 weighted average The ethical standards of politicians are rated on a scale of 1 to 7 (1 = extremely low; 7 = extremely high).

Source: Executive Opinion Survey, World Economic Forum.

3.06 Irregular Payments in Public Contracts | 2015-16 weighted average

Respondents rate how common it is for companies to make undocumented extra payments or bribes in connection with awarding of public contracts and licenses on a scale of 1 to 7 (1 = very common; 7 = never occurs).

Source: Executive Opinion Survey, World Economic Forum.

3.07 Favoritism in Decisions of Government Officials | 2015-16 weighted average

The extent to which government officials show favoritism to well-connected firms and individuals when deciding upon policies and contracts is rated on a scale of 1 to 7 (1 = show favoritism to a great extent; 7 = do not show favoritism at all).

Source: Executive Opinion Survey, World Economic Forum.

b) Concentration of Rents

3.08 Regulatory Protection of Incumbents | 2013

This indicates the scope of legal barriers to entry for new businesses (in 24 manufacturing and service industries), and the existence of antitrust exemptions for public enterprises or government-mandated behavior.

Source: OECD.

3.09 Extent of Market Dominance | 2015-16 weighted average

Participants rate corporate activity on a scale of 1-7 (1 = dominated by a few business groups; 7 = spread across many firms).

Source: Executive Opinion Survey, World Economic Forum.

3.10 Intensity of Competition | 2015-16 weighted average

Respondents rate the intensity of competition in local markets on a scale of 1-7 (1 = not intense at all; 7 = extremely intense).

Source: Executive Opinion Survey, World Economic Forum.

3.11 Land Inequality Gini | 2010 or most recent

This is a measure of the extent of inequality in land holdings in rural areas, among individuals or households. Zero represents perfect equality, while 100 stands for perfect inequality.

Source: Food and Agricultural Organization (FAO).

3.12 Effectiveness of Antitrust Policy | 2015-16 weighted average

The effectiveness of anti-monopoly policies at ensuring fair competition is rated on a scale of 1 to 7 (1 = not effective at all; 7 = extremely effective).

Source: Executive Opinion Survey, World Economic Forum.

3.13 Concentration of Banking-Sector Assets | 2012

This is a measure of the assets of the five largest banks as a share of total commercial banking assets. Total assets include total earning assets, cash and dues from banks, foreclosed real estate, fixed assets, goodwill, other intangibles, current tax assets, deferred tax, discontinued operations, and other assets.

Source: Raw data are from Bankscope: (Sum(data2025) for five largest banks in Bankscope)/(Sum(data2025) for all banks in Bankscope) – only reported if the number of banks in Bankscope is five or more, and calculated from underlying bank-by-bank unconsolidated data from Bankscope

4th Pillar: Financial Intermediation of Real Economy

Investment

a) Financial System Inclusion

4.01 Affordability of Financial Services | 2015-2016 weighted average

The extent to which the cost of financial services (e.g. insurance, loans, trade finance) impedes business activity is rated on a scale of 1 to 7 (1 = impedes business to a great extent; 7 = not at all).

Source: Executive Opinion Survey, World Economic Forum.

4.02 Gender Gap in Financial Access | 2014

This measure denotes the percentage of respondents above 15 years of age who report having an account (by themselves or together with someone else) at a bank or another type of financial institution. The gender gap is arrived at by dividing the female value by the male value.

This measure denotes the percentage of respondents aged 15 years and above in the bottom 40% income bracket who have an account (in own name or with someone else) at a bank, credit union, or other financial institution such as a cooperative, a microfinance institution, or the post office (if applicable). It includes those who own a debit card.

Source: Global Findex database, World Bank.

4.04 Account Used for Business Purposes of Bottom 40% (% among age 15+) | 2011

This denotes the percentage of respondents (income in bottom 40%, aged 15 years and above) who reported using their accounts at a formal financial institution for business purposes only or for both business and personal purposes.

Source: Global Findex database, World Bank.

4.05 Ease of Access to Loans | 2015–2016 weighted average

The ease with which businesses can obtain a bank loan is ranked from 1 to 7 (1 = extremely difficult; 7 = extremely easy).

Source: Executive Opinion Survey, World Economic Forum.

4.06 Financing of SMEs | 2015-2016 weighted average

The extent to which small and medium enterprises (SMEs) can access finance they need for their business operations through the financial sector is ranked on a scale from 1 to 7 (1 = not at all; 7 = to a great extent).

Source: Executive Opinion Survey, World Economic Forum.

b) Intermediation of Business Investment

4.07 Local Capital Market Access | 2015-16 weighted average

The extent to which companies can raise money by issuing shares and/or bonds on the capital market is assessed on a scale of 1 to 7 (1 = not at all; 7 = to a great extent).

Source: Executive Opinion Survey, World Economic Forum.

4.08 Venture Capital Availability | 2015-16 weighted average

The ease with which start-up entrepreneurs with innovative but risky projects can obtain equity funding is assessed on a scale of 1 to 7 (1 = extremely difficult; 7 = extremely easy).

Source: Executive Opinion Survey, World Economic Forum.

4.09 Domestic Credit to Private Sector by Banks (% of GDP) | 2015

This refers to the financial resources provided to the private sector by banks and other depository corporations (except central banks) through, for instance, loans, purchases of non-equity securities, trade credits, and other accounts receivable, that establish a claim for repayment. For some countries these claims include credit to public enterprises.

The extent to which domestic banks provide credit to the private non-financial sector, which includes non-financial corporations (both private- and public-owned), households, and non-profit institutions serving households.

This is a measure of the total private investment commitments, including physical assets and payments to government, in sectors such as energy, telecommunications, transport, and water and sewerage. Figures are based on 10-year average spending, expressed in current US dollars (millions).

Source: Private Participation in Infrastructure Database, World Bank.

4.12 IPO Issuances (Small Cap) | 2011-2015

This Report uses the GDP-weighted rankings of initial public offerings (IPOs) based on the number of IPOs (domestic listings) with a deal size below $50 million issued between 2009 and 2013 weighted per $100 billion of GDP. IPOs issued by financial corporations and real estate are excluded from this calculation. This indicator is based on a five-year average.

This Report uses the GDP-weighted rankings of IPO production based on the number of IPOs (domesticlistings) with a deal size above $50 million issued between 2009 and 2013 weighted per $100 billion of GDP. IPOs issued by financial corporations and real estate are excluded from this calculation. The indicator is based on a five-year average.

This indicates business enterprise expenditure on research and development (BERD) as a percentage of GDP. Research and development (R&D) covers basic research, applied research, and experimental development.

A follow-on offering, otherwise known as a subsequent offering, can be understood as a dilutive secondary offering that a company makes on the primary market. Follow-ons issued by financial corporations and real estate are excluded from this calculation. The indicator is based on a five-year average.

Source: Dealogic.

4.17 Corporate Bond Issuance (% of GDP) | 2011-2015

The total corporate bond net issuance (domestic and international) to Non-Financial Corporations expressed as a share of GDP is a measure of market activity. Debt issued by financial corporations and real-estate companies is excluded from this calculation. The indicator is based on a five-year average.

Source: Dealogic.

4.18 Share Turnover Ratio (%) | 2015

Turnover ratio is the value of domestic shares traded divided by their market capitalization. The value is annualized by multiplying the monthly average by 12.

Source: World Federation of Exchanges database.

4.19 Share Buyback | 2009-2013

The estimated dollar share buyback volume is based on a five-year moving average (2009-2013) and represented as a share of total GDP (2009-2013). It is calculated by combining information from two data sources. The first, used for the majority of firm-year observations, is WorldScope data item WC04751 (common and preferred purchased, redeemed, and converted), which, according to WorldScope, represents funds used to decrease the outstanding shares of common and/or preferred stock. When WC04751 is missing, the ESG – Asset4 data item ECSLDP048 (share buyback amount) is used. It is defined as “The total monetary value of the shares repurchased by the company during the fiscal year.”

The number of applications filed by a country under the Patent Cooperation Treaty (PCT) per million population is measured by priority date and inventor nationality, using a fractional count if an application is filed by multiple inventors. The average count of applications filed in 2012 and 2013 is divided by the population, using figures from the World Bank’s World Development Indicators Online.

The time required to start a business is the number of calendar days needed to complete the procedures to legally operate a business. If a procedure can be speeded up at additional cost, the fastest procedure, independent of cost, is chosen. This indicator receives 1/2 weighting in the pillar aggregation.

The time it takes to resolve insolvency is the number of years from the filing for insolvency proceedings in court until the resolution of distressed assets. This indicator receives 1/2 weighting in the pillar aggregation.

The average cost of bankruptcy proceedings is recorded as a percentage of the estate’s value. This indicator pertaining to the burden of resolving insolvency receives 1/2 weighting in the pillar aggregation.

The cost in court and attorney fees, where the use of attorneys is mandatory or common, is expressed as a percentage of the debt value. This indicator pertaining to the burden of enforcing a contract receives 1/2 weighting in the pillar aggregation.

This consists of the number of calendar days from the filing of a lawsuit in court until the final determination and, in appropriate cases, payment. This indicator receives 1/2 weighting in the pillar aggregation.

The time needed to prepare and pay taxes is the time, in hours per year, it takes to prepare, file, and pay (or withhold) three major types of taxes: corporate income tax, value added or sales tax, and labor taxes, including payroll taxes and social security contributions.

b) Home and Financial Asset Ownership

The extent to which property rights, including financial assets, are protected is assessed on a scale of 1 to 7 (1 = not at all; 7 = to a great extent).

Source: Executive Opinion Survey, World Economic Forum.

5.12 Home Ownership Rate | 2015 or most recent

This is the percentage of population living in an owner-occupied dwelling (with or without a mortgage) as opposed to rented dwellings. Dwellings owned by the households that live in them are fixed assets that their owners use to produce housing services for their own consumption. Information on tenure status is more widely available on a cross-country basis and is a good proxy for home-ownership rates.

This indicates the percentage of adult population with an outstanding loan to purchase a home from any provider of housing loans, including regulated financial institutions and microfinance and informal sources.

Source: Global Findex database, World Bank.

5.14 House Price-to-Income Ratio | 2014

This measures the housing affordability gap or the difference between the cost of an acceptable housing unit and what households can afford for housing using no more than 30% of their income. Data is limited to urban areas (2,500 cities) and is aggregated at the country level (weighted by population).

Source: McKinsey Global Institute. For more information, see A Blueprint for addressing the global affordable housing challenge, http://www.mckinsey.com/insights/urbanization/tackling_the_worlds_affordable_housing_challenge, p.180-183.

5.15 Employee Stock Ownership | 2013

This refers to the practice among private companies (with 10 or more employees) to offer employees’ share ownership schemes (ESOS), which provide employees with an indirect share in the company’s results through receiving dividends and/or appreciation in the share value.

Source: European Working Conditions Survey (EWCS).

5.16 Profit Sharing | 2013

This indicates the practice among private companies (with 10 or more employees) of offering their employees profit-sharing schemes, whereby employees get a share of the profits or wealth created by the company in addition to their regular pay. The payments are explicitly and directly linked to the profits of the company, or some similar measurement of corporate performance in the form of cash bonuses, cash transfers to employees’ savings funds, or free equity shares.

Source: EWCS.

5.17 Private Pension Assets (% of GDP) | 2014

A pension fund is any plan, fund or scheme that provides retirement income. Assets are defined as all forms of private investment with a value linked to a pension plan over which ownership rights are enforced by institutional units, individually or collectively. This indicator is measured as a ratio of assets of pension funds to GDP.

Source: OECD.

6th Pillar: Employment and Labor Compensation

a) Economic Participation and Opportunity

6.01 Female Labor Force Participation | 2014

This is the ratio of female labor force participation to male labor force participation.

Source: Key Indicators of the Labour Market, ILO.

6.02 Unemployment Rate | 2014

This refers to the share of the labor force that is without work but available for and seeking employment.

Source: KILM, ILO.

6.03 Youth Unemployment Rate | 2014 or most recent

This measure refers to the share of the labor force aged 15-24 years without work but available for and seeking employment.

Sources: KILM, ILO.

6.04 Vulnerable Employment Rate | 2014 or most recent

This measures the proportion of own-account and contributing family workers in total employment. Vulnerable employment refers to work by unpaid family workers and own-account workers. A contributing family worker is a person who is self-employed in a market-oriented establishment operated by a related person living in the same household, but who cannot be regarded as a partner because the degree of his or her commitment to the operation of the establishment, in terms of working time or other factors determined by national circumstances, is not at a level comparable with that of the head of the establishment.

The extent of economic activity estimated to be undeclared or unregistered is recorded on a scale of 1-7 (1 = most economic activity is undeclared or unregistered; 7 = most economic activity is declared or registered).

Source: Executive Opinion Survey, World Economic Forum.

6.06 Country Capacity to Retain Talent | 2015-2016 weighted average

The extent to which each country retains talented people is estimated on a scale of 1 to 7 (1 = not at all – the best and brightest leave to pursue opportunities abroad; 7 = to a great extent – the best and brightest stay and pursue opportunities in the country).

Source: Executive Opinion Survey, World Economic Forum.

6.07 Social Mobility | 2015-2016 weighted average

The extent to which individuals have the opportunity to improve their economic situation through their personal efforts regardless of the socioeconomic status of their parents is assessed on a scale of 1 to 7 (1 = not at all; 7 = to a great extent).

Source: Executive Opinion Survey, World Economic Forum.

6.08 Strictness of Employment Protection | 2015 or most recent

This measures the strictness of regulations on dismissal and use of temporary contracts, incorporating three aspects of dismissal protection: (i) procedural barriers for employers starting the dismissal process, such as notification and consultation requirements; (ii) requirements regarding notice periods and severance pay, which typically vary by the tenure of the employment; and (iii) the difficulty of dismissal, as determined by the circumstances in which it is possible to dismiss workers, as well as the repercussions for the employer if a dismissal is found to be unfair (such as compensation and reinstatement).

Source: OECD.

6.09 Unusual Hours of Work | 2014

This measures the average annual hours worked per worker.

Source: OECD.

6.10 Share in Temporary Employment | 2014

This refers to the share of employed persons in temporary employment as a percentage.

Source: OECD.

6.11 Underemployment Rate | 2015

This marks the share of the labor force that is involved in involuntary part-time employment arrangements (under 30 hours per week) but available for and seeking full-time employment.

Source: OECD.

6.12 Active Labour-Market Expenditure (% of GDP) | 2014

This measures the amount of public expenditure on active labor-market policy measures as a percentage of GDP.

Source: OECD.

b) Wage and Non-Wage Compensation

6.13 Low Pay Rate | 2015 or most recent

This measure of earnings dispersion refers to the proportion of employees whose hourly earnings at all jobs are less than two-thirds of the median.

Source: ILOSTAT, ILO.

6.14 Gender Gap in Estimated Earned Income | 2016

The World Economic Forum Gender Gap Report calculates the ratio of female estimated earned income to male estimated earned income.

Sources: World Economic Forum calculations based on the United Nations Development Programme methodology (refer to Human Development Report 2007/2008).

6.15 Working Poor | 2013

This refers to the proportion of employed persons in a household whose members are living below the $2 threshold.

Source: KILM 2012, ILO.

6.16 Pay Linked to Productivity | 2015-2016 weighted average

The extent to which pay is related to worker productivityis rated on a scale of 1-7 (1 = not related to worker productivity; 7 = strongly related to worker productivity).

Source: Executive Opinion Survey, World Economic Forum.

6.17 Wage Dispersion | 2015

Viewing minimum wage relative to the median provides a better basis for international comparisons of wage dispersion as it accounts for differences in earnings dispersion across countries. However, while full-time workers’ median basic earnings (excluding overtime and bonus payments) are, ideally, the preferred measure of average wages for international comparisons of minimum-to-median earnings, they are not available for a large number of non-OECD countries.

Data are reported in national currency units, at current prices. For developing countries, due to lack of data availability, median wages have been replaced with mean wages for the purpose of this Report.

Source: OECD.

6.18 Trade Union Density | 2013 or most recent

This measures the proportion of paid workers who are union members. Trade union density expresses union membership as a proportion of the eligible workforce and can be used as an indicator of the degree to which workers are organized. For the purpose of this indicator, a trade union is defined as an “independent association of workers, constituted for the purposes of furthering and defending workers’ interests.”

Source: ILOSTAT, ILO.

6.19 Collective Bargaining Coverage Rate | 2013 or most recent

This rate conveys the number of workers covered by one or more collective agreements as a percentage of the total number of persons in employment.

Collective bargaining coverage refers to the number of workers in employment whose pay and/or conditions of employment are determined by one or more collective agreements which spell out, in writing, the terms reached at by an employer, a group of employers, or one or more employers or their organizations on the one hand, and one or more workers’ representatives or organizations on the other.

The employed are all persons of working age who, during a specified period, were in one of the following categories: a) paid employment (whether at work or with a job but not at work); or b) self-employment (whether at work or with an enterprise but not at work).

Labor-employer relations in a given country are rated on a scale of 1-7 (1 = generally confrontational; 7 = generally cooperative).

Source: Executive Opinion Survey, World Economic Forum.

6.21 Workers’ Rights | 2015

This measure uses qualitative information from the International Trade Union Confederation (ITUC)’s Survey of violations of Trade Union Rights (survey.ituc-csi.org). The survey covers violations of the rights to freedom of association, collective bargaining and strike. It assesses the extent to which national legislation complies with international standards and highlights practices through examples of violations.

Source: Global Rights Index, ITUC.

6.22 Availability of Formal Child Care | 2013

This is a measure of the average enrollment rate of children under three years of age in formal child care.

Source: OECD.

6.23 Cost of Child Care | 2012

Child care fees per two-year-old attending accredited early-years care and education services are expressed as a percentage of the average wage.

Source: OECD.

6.24 Maternity Leave | 2013

This refers to the mandatory minimum length of paid maternity leave (in calendar days) that must be paid by the government, the employer, or both, or its full-rate equivalent. The full-rate equivalent is calculated as the duration of leave in weeks multiplied by the payment (as a percentage of the average worker’s earnings) received by the claimant. Maternity leave is available only to the mother. This indicator receives 1/2 weighting in the pillar aggregation.

Source: “Women, Business and the Law 2014: Removing Restrictions to Enhance Gender Equality,” World Bank, http://wbl.worldbank.org/Reports.

6.25 Parental Leave | 2013

Parental leave can be paid by the government, the employer, or both, and can even be unpaid as long as the government explicitly mandates some form of parental leave to be shared between the mother and father. Allowances for a fixed number of days per year to be applied toward family emergencies or child-related responsibilities are not considered parental leave. It is expressed as total number of days of paid or unpaid leave. This indicator receives 1/2 weighting in the pillar aggregation.

Source: “Women, Business and the Law 2014: Removing Restrictions to Enhance Gender Equality,” World Bank, http://wbl.worldbank.org/Reports.

7th Pillar: Fiscal Transfers

a) Tax Code

7.01 Extent and Effect of Taxation on Incentives to Work | 2015-16 weighted average

Survey respondents rate the extent to which taxes and social contributions reduce the incentive to work on a scale of 1 to 7 (1 = significantly reduce the incentive to work; 7 = do not reduce incentive to work at all).

Source: Executive Opinion Survey, World Economic Forum.

7.02 Extent and Effect of Taxation on Incentives to Invest | 2015-2016 weighted average

Respondents rate the extent to which taxes reduce the incentive to invest on a scale of 1 to 7 (1 = significantly reduce the incentive to invest; 7 = do not reduce the incentive to invest at all).

Source: Executive Opinion Survey, World Economic Forum.

7.03 Total Tax Revenue | 2014 or most recent

Tax revenue refers to compulsory transfers to the central government for public purposes. Certain compulsory transfers such as fines, penalties, and most social security contributions are excluded. Refunds and corrections of erroneously-collected tax revenue are treated as negative revenue. Total tax revenue is represented as a percentage of GDP.

This index is based on average (and marginal) personal income-tax rates and tax wedges for different family types and earnings levels, taking into account statutory tax provisions (i.e. the personal income-tax rate schedule, basic and other tax allowances, tax credits, deductions, employee and employer social security contributions, payroll taxes (if any), and certain cash benefits). Using Taxing Wages models, the average tax rates and tax wedges are calculated for a wide range of incomes (from 50% to 500% of the average wage, which represents the gross earnings a worker in the private sector earns on average in a particular year and country). The income range is divided into various intervals (e.g. 50%-67% of the average worker income interval). Using information on the average tax rate/wedge for the income at the beginning and end level of each income interval, a calculation is made of how the average tax rate/wedge increases over that income interval (i.e. by subtracting the tax rate/wedge at the bottom income level from the tax burden at the top income level, and by dividing the difference by the length of the income interval). This number indicates how the tax burden increases per percentage point increase in income levels (expressed as a multiple of the average wage) over an income interval. These calculations are made for all income intervals, yielding a measure of the progressivity of the tax system within each income interval, as well as how the progressivity changes over the income intervals. The overall progressivity of the tax system is also calculated by comparing the tax burden at 500% of the average wage with the burden at 50% of the average wage. Please note that these are “structural” progressivity measures and do not take the actual income distribution into account.

This indicator reflects the tax wedge for an average country-specific industrial worker in 2012, and is defined as the difference between the salary costs of a single “average worker” to their employer and the amount of net income (take-home pay) that the worker receives. The taxes covered are personal income taxes, compulsory social-security contributions paid by employees and employers, and payroll taxes for the few countries that have them. The amount of these taxes is expressed as a percentage of the total labor costs for firms, i.e. the sum of gross earnings, employers’ social security contributions, and payroll taxes.

Source: ETH data from P. Egger and N. Strecker, “A Tour of Income Tax in the World, 1980-2012,” mimeo, 2015.

7.06 Tax on Consumption (goods and services, % of revenue) | 2014 or most recent

This includes taxes on production, sale, transfer, leasing, and delivery of goods, as well as rendering of services, including: general taxes; value-added taxes; sales taxes; and other general taxes on goods and services. It is expressed as a percentage of total tax revenue.

Source: Government Finance Statistics Yearbook, IMF.

7.07 Tax on Property (% of GDP) | 2014

Property taxes include: recurrent taxes on immovable property; recurrent taxes on net wealth (individual and corporate); estate, inheritance, and gift taxes; taxes on financial and capital transactions; and other non-recurrent taxes on property. Tax revenue is expressed as a percentage of GDP.

Source: OECD.

7.08 Tax on Capital (% of GDP) | 2014

Taxes on financial and capital transactions are expressed as a percentage of GDP.

Source: OECD.

7.09 Tax on Inheritance (% of GDP) | 2014

Estate, gift, and inheritance tax revenue is expressed as a percentage of GDP.

Source: OECD.

b) Social Protection

7.10 Efficiency in Public Goods and Services Provision | 2015-2016 weighted average

The government’s efficiency in providing public goods and services is rated on a scale of 1 to 7 (1 = extremely inefficient; 7 = extremely efficient).

Source: Executive Opinion Survey, World Economic Forum.

7.11 Social Safety Net Protection | 2015-2016 weighted average

The extent to which a formal social safety net provides protection to the general population from economic insecurity in the event of job loss or disability is assessed on a scale of 1 to 7 (1 = not at all; 7 = full protection).

Source: Executive Opinion Survey, World Economic Forum.

7.12 Benefit-to-Cost Ratio (poorest quintile) | 2014 or most recent

This measures the reduction in poverty obtained for each dollar spent on social protection and labor (SPL) programs. The indicator is estimated for the entire population and by program type. Specifically, the benefit-cost ratio is estimated as: (poverty gap before transfer – poverty gap after transfer) / total transfer amount.

Programs are categorized as social assistance, social insurance, and labor market, according to ASPIRE classification.

The total transfer amount received by all beneficiaries in a quintile is represented as a share of the total welfare beneficiaries in that quintile. The indicator is estimated by program type (pensions and social security) for the entire population and by quintiles of both post- and pre-transfer welfare distribution. Specifically, the adequacy of benefits is estimated from the amount of transfers received by a quintile divided by the total income or consumption of beneficiaries in that quintile.

This represents the total transfer amount received by all beneficiaries in a quintile as a share of the total welfare beneficiaries in that quintile. The indicator is estimated by program type (cash or in-kind transfers) for the entire population, and by quintiles of both the post- and pre-transfer welfare distribution. Specifically, the adequacy of benefits is calculated as: the amount of transfers received by a quintile divided by the total income or consumption of beneficiaries in that quintile.

This indicator shows the total public expenditure on social protection and health as a percentage of GDP. Total annual public social protection and health expenditure is the sum of expenditure, including benefit expenditure and administration costs, of all existing public social security/social protection/health schemes in the country. The scope covers nine classes of benefits: medical care, sickness benefit, unemployment benefit, old-age benefit, employment injury benefit, family benefit, maternity benefit, invalidity benefit and survivors’ benefit, plus other income support and assistance programmes, including conditional cash transfers, available to the poor and not included under the above classes.

This represents the old-age pension receipt ratio above retirement age (and includes both contributory and non-contributory schemes). It is a measure of the effective extent of coverage above the statutory retirement age.

The progressivity index is designed to summarize the relationship between pension in retirement and earnings while working. The range varies from 100 through zero to negative results, indicating that the overall retirement-income system is regressive.

Source: OECD.

7.19 Coverage of Healthcare | 2012 or most recent

This is a measure of the estimated social healthcare protection coverage as a percentage of the total population. Coverage includes affiliated members of a health insurance policy and the population enjoying free access to healthcare services provided by the state.

The extent of legal coverage of employment injury is expressed as a percentage of the economically active population. This includes employer-liability programs and voluntary and mandatory social assistance.

The net replacement rate is defined as net pension entitlement divided by net pre-retirement earnings. It measures how effectively a pension system provides a retirement income to replace the main source of income before retirement. This indicator is measured as a percentage of pre-retirement earnings.

As values were provided separately for men and women, the average of the two was taken.

Source: OECD.

7.22 Unemployment Insurance | 2014

Initial net replacement rate is an average of cases of a single person with no children with previous earnings in work 67% of average production worker (APW) level.

NRR provides a more complete measure of work incentives and income maintenance, especially when compared over longer periods of unemployment.